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GHYG.L vs. ISAC.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GHYG.L vs. ISAC.L

Last updated Jun 5, 2026

GHYG.L (iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)) and ISAC.L (iShares MSCI ACWI UCITS ETF USD (Acc)) are both exchange-traded funds - GHYG.L is a High Yield Bonds fund tracking the ICE BofA Gbl HY Constnd TR HGBP, while ISAC.L is a Global Equities fund tracking the MSCI ACWI Index. Both are passively managed. Over the past 5 years, GHYG.L returned 3.46%/yr vs 12.59%/yr for ISAC.L. A 0.58 correlation means they provide meaningful diversification when combined. GHYG.L charges 0.55%/yr vs 0.20%/yr for ISAC.L.

Performance

GHYG.L vs. ISAC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) and iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GHYG.L is traded in GBP, while ISAC.L is traded in USD. To make them comparable, the ISAC.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GHYG.L achieves a 0.87% return, which is significantly lower than ISAC.L's 11.99% return.

GHYG.L

1D
-0.48%
1M
0.04%
YTD
0.87%
6M
1.48%
1Y
5.47%
3Y*
7.81%
5Y*
3.46%
10Y*
—

ISAC.L

1D
-0.10%
1M
5.22%
YTD
11.99%
6M
12.22%
1Y
30.05%
3Y*
18.15%
5Y*
12.59%
10Y*
13.47%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GHYG.L vs. ISAC.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
GHYG.L
iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)		0.87%7.92%6.96%11.12%-9.49%3.39%2.46%3.92%
ISAC.L
iShares MSCI ACWI UCITS ETF USD (Acc)		11.99%13.64%19.87%16.44%-8.43%19.97%12.26%7.40%

Correlation

The correlation between GHYG.L and ISAC.L is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.55

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.55

Correlation (All Time)
Calculated using the full available price history since May 1, 2019

0.58

The correlation between GHYG.L and ISAC.L has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

GHYG.L vs. ISAC.L - Sectors Allocation Comparison

Sectors
GHYG.L
ISAC.L

Utilities

92.7%
2.2%

Real Estate

7.3%
1.2%

Basic Materials

-

2.9%

Communication Services

-

8.6%

Consumer Cyclical

-

8.5%

Consumer Defensive

-

4.4%

Energy

-

3.6%

Financial Services

-

17.3%

Healthcare

-

7.8%

Industrials

-

9.0%

Technology

-

33.9%

Utilities

GHYG.L
92.7%
ISAC.L
2.2%

Real Estate

GHYG.L
7.3%
ISAC.L
1.2%

Basic Materials

GHYG.L

-

ISAC.L
2.9%

Communication Services

GHYG.L

-

ISAC.L
8.6%

Consumer Cyclical

GHYG.L

-

ISAC.L
8.5%

Consumer Defensive

GHYG.L

-

ISAC.L
4.4%

Energy

GHYG.L

-

ISAC.L
3.6%

Financial Services

GHYG.L

-

ISAC.L
17.3%

Healthcare

GHYG.L

-

ISAC.L
7.8%

Industrials

GHYG.L

-

ISAC.L
9.0%

Technology

GHYG.L

-

ISAC.L
33.9%

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iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)

iShares MSCI ACWI UCITS ETF USD (Acc)

Often compared with GHYG.L:
GHYG.L vs. AGBP.LGHYG.L vs. HYGGHYG.L vs. VAGP.LGHYG.L vs. GHYS.LGHYG.L vs. UHYC.LGHYG.L vs. SDHA.LGHYG.L vs. DHYA.L
Often compared with ISAC.L:
ISAC.L vs. VWRA.LISAC.L vs. SSAC.LISAC.L vs. IWDA.LISAC.L vs. VTISAC.L vs. SWDA.LISAC.L vs. VOOISAC.L vs. SWRD.L

Return for Risk

GHYG.L vs. ISAC.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GHYG.L
GHYG.L Risk / Return Rank: 4848
Overall Rank
GHYG.L Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
GHYG.L Sortino Ratio Rank: 5050
Sortino Ratio Rank
GHYG.L Omega Ratio Rank: 4949
Omega Ratio Rank
GHYG.L Calmar Ratio Rank: 4444
Calmar Ratio Rank
GHYG.L Martin Ratio Rank: 5454
Martin Ratio Rank
ISAC.L
ISAC.L Risk / Return Rank: 7373
Overall Rank
ISAC.L Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ISAC.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
ISAC.L Omega Ratio Rank: 7373
Omega Ratio Rank
ISAC.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
ISAC.L Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GHYG.L vs. ISAC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) and iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

GHYG.LISAC.LDifference
Sharpe ratioReturn per unit of total volatility
1.52
2.52

-1.00

Sortino ratioReturn per unit of downside risk
2.40
3.47

-1.08

Omega ratioGain probability vs. loss probability

1.30

1.47

-0.17

Calmar ratioReturn relative to maximum drawdown

2.15

4.35

-2.20

Martin ratioReturn relative to average drawdown

9.23

16.70

-7.47

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHYG.L vs. ISAC.L - Sharpe Ratio Comparison

The current GHYG.L Sharpe Ratio is 1.52, which is lower than the ISAC.L Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of GHYG.L and ISAC.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GHYG.LISAC.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.52

2.52

-1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

0.88

-0.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.87

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.86

-0.39

Drawdowns

GHYG.L vs. ISAC.L - Drawdown Comparison

The maximum GHYG.L drawdown since its inception was -23.01%, smaller than the maximum ISAC.L drawdown of -25.84%. Use the drawdown chart below to compare losses from any high point for GHYG.L and ISAC.L.

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Drawdown Indicators

GHYG.LISAC.LDifference

Max Drawdown

Largest peak-to-trough decline

-23.01%

-25.84%

+2.83%

Max Drawdown (1Y)

Largest decline over 1 year

-2.54%

-6.88%

+4.34%

Max Drawdown (3Y)

Largest decline over 3 years

-4.57%

-18.33%

+13.76%

Max Drawdown (5Y)

Largest decline over 5 years

-14.45%

-18.33%

+3.88%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.84%

—

Current Drawdown

Current decline from peak

-0.48%

-0.36%

-0.12%

Average Drawdown

Average peak-to-trough decline

-2.99%

-3.56%

+0.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

1.80%

-1.21%

Volatility

GHYG.L vs. ISAC.L - Volatility Comparison

The current volatility for iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist) (GHYG.L) is 1.28%, while iShares MSCI ACWI UCITS ETF USD (Acc) (ISAC.L) has a volatility of 3.70%. This indicates that GHYG.L experiences smaller price fluctuations and is considered to be less risky than ISAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GHYG.LISAC.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

3.70%

-2.42%

Volatility (6M)

Calculated over the trailing 6-month period

3.00%

9.23%

-6.23%

Volatility (1Y)

Calculated over the trailing 1-year period

3.60%

11.88%

-8.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.87%

14.28%

-8.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.88%

15.48%

-7.60%

GHYG.L vs. ISAC.L - Expense Ratio Comparison

GHYG.L has a 0.55% expense ratio, which is higher than ISAC.L's 0.20% expense ratio.

Dividends

GHYG.L vs. ISAC.L - Dividend Comparison

GHYG.L's dividend yield for the trailing twelve months is around 5.38%, while ISAC.L has not paid dividends to shareholders.

PositionTTM2025202420232022202120202019
GHYG.L
iShares Global High Yield Corp Bond UCITS ETF GBP Hedged (Dist)		5.38%5.34%5.26%4.69%4.15%3.73%4.54%1.79%
ISAC.L
iShares MSCI ACWI UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

GHYG.L and ISAC.L have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ISAC.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ISAC.L is cheaper with a 0.20% expense ratio, compared with 0.55% for GHYG.L.

GHYG.L is categorized as High Yield Bonds, while ISAC.L is Global Equities. GHYG.L tracks ICE BofA Gbl HY Constnd TR HGBP, while ISAC.L tracks MSCI ACWI Index. Their fees differ too: 0.55% for GHYG.L and 0.20% for ISAC.L.

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